TLDR
- BYD’s February 2026 NEV sales dropped 41.1% year-on-year, the steepest fall since February 2020.
- This marks the sixth consecutive month of declining sales.
- Total NEV production and sales were both down around 38% compared to February 2025.
- Passenger car volumes were particularly hard hit.
- Exports held up at 100,600 NEVs, and battery capacity remained strong.
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BYD’s February vehicle sales have posted their sharpest decline in six years, dropping 41.1% from the same month last year. The figure marks the sixth straight month of falling sales for the Chinese EV giant.
BYD Company Limited, BYDDY
The last time BYD recorded a drop this steep was February 2020, when the global economy was reeling from the early days of the COVID-19 pandemic.
Total new energy vehicle production and sales both fell around 38% compared to February 2025, according to a stock market filing released on Sunday.
Passenger car volumes took the hardest hit within the overall numbers, though BYD did not break out specific figures by segment in the filing.
The results come despite BYD’s strong position in the global EV market and its continued push into international markets.
Export Numbers Offer Some Cushion
On the export side, BYD shipped 100,600 NEVs in February, a figure the company flagged as a bright spot in an otherwise difficult month.
Battery capacity also held up. BYD highlighted its installed NEV power and energy storage battery capacity as evidence of continued scale, even as vehicle volumes fell.
The company appears to be leaning on its battery and overseas businesses to offset softer domestic sales.
It is worth noting that February is typically a weaker month for auto sales in China due to the Lunar New Year holiday, which reduces working days and dealer traffic.
That seasonal effect plays a role every year, but the scale of this decline still stands out even accounting for the calendar.
What the Numbers Show
BYD’s year-to-date price performance sits at -0.42% as of the time of filing, with the stock carrying a current market cap of HK$890 billion.
Average daily trading volume stands at around 21.5 million units.
Technical sentiment on the stock is currently rated as a Buy.
The most recent analyst rating on HK:1211 also carries a Buy recommendation, with a price target of HK$130.00.
The sixth consecutive monthly sales decline raises questions about near-term demand, particularly in the domestic Chinese market where competition among EV brands has intensified.
BYD’s February 2026 filing confirmed total NEV output and sales both down approximately 38% year-on-year, with exports at 100,600 units and battery segment capacity described as strong.
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